KARACHI: Gold prices in Pakistan experienced a sharp decline on Friday, in response to losses in the global bullion market, effectively erasing gains recorded earlier in the week.
Data provided by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reveals that the price of gold per tola fell by Rs 8,600, settling at Rs 519,962 in the local market. In tandem, the price for 10 grams decreased by Rs 7,373, reaching Rs 445,783.
This drop reflects downturns in international markets, where gold prices fell by $86 per ounce to $4,972, inclusive of a $20 premium. The decline comes shortly after global rates had climbed to $5,035 per ounce earlier in the week, causing a subsequent surge in domestic prices.
Friday’s session witnessed a dip in silver prices as well. The rate per tola of silver dropped by Rs 501 to Rs 8,324, indicative of broader downward pressure across precious metals.
Experts point out that gold prices are highly influenced by fluctuations in the global market, exchange rate movements, and investor sentiment. In Pakistan, local gold rates are typically aligned with international trends, after accounting for exchange rates and import premiums.
